Data is the lifeblood of the insurance industry and combining internal and external sources is essential to make better decisions:-

Underwriters to plan differentiated products and price them effectively. Retailers have long added insurance to their product ranges and could add considerable customer data to the mix. Combining these can help target specific target audiences. Online shopping is beginning to peak and "brick and mortar" retailers that create the right "shopping experiences" are winning back buyers. Could be an opportunity here for insurance to offer insurance buying experiences

Loss Adjusters to detect and prevent fraud whilst at the same time speeding up claims processing often contradictory goals

 One should not just consider the IoT and big data technologies available but also relatively simple technologies like Google Street View.  Use data to flag suspicious claims and loss adjusters will be amazed to see how many dodgy businesses are within a few hundred metres of a single solicitor that happens to handle whiplash claims.

  1. Vehicle scrapyard and spares
  2. Secondhand car dealer
  3. Vehicle Bodyshop.

Nip in one to buy a Merc, engineer an accident , make the claim, damaged vehicle into the body shop or scrapyard and over to the solicitor to make the claim. Start with a minor as these are dealt with quickly and then slip in the extra adults. Make sure you mix up the combination of home address and passenger names you use to get through insurance.

The combination of new technologies, cultural and leadership changes in the insurance companies and partnerships will see winners and losers. Just look at the awards that Direct Line have won this year for customer experience and technology innovation. It's not a coincidence and not just hard work- it's focus on the customer and embracing thew right technologies.

I like Megan's last line- 

evolve to become one of the relevant “things” in an “internet of many things.”